Martin contributes cash of $24,000, and Steven contributes office equipment that cost $20,000 but is valued at $16,000 to the formation of a new partnership. Prepare the journal entry to form the partnership.
Answer to relevant QuestionsDuring the first year, the Martin and Steven partnership in SE2 earned an income of $10,000. Assume the partners agreed to share income and losses in the ratio of the beginning balances of their capital accounts. How much ...Indicate whether each statement that follows is a reflection of (a) Normal partnership (b) Limited partnership, (c) Joint venture,(d) S corporation.1. A special type of partnership that, like corporations, confines the ...Gamine, Ronald, and Fenny have equity in a partnership of $80,000, $80,000, and $120,000, respectively, and they share income and losses in a ratio of 1:1:3. The partners have agreed to admit Amit to the partnership. Prepare ...Jan, Pat, and Misa are partners in South Central Company. The partnership agreement states that Jan is to receive 8 percent interest on his capital balance at the beginning of the year, Pat is to receive a salary of $200,000 ...If an investor sells shares after the declaration date but before the date of record, does the seller still receive the dividend?
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